Speaking at a White House press conference, Obama said he’s asked his attorney general and U.S. government agencies to work with state attorneys general to monitor for gasoline-price gouging, “to make sure that nobody is taking advantage of working families at the pump.”

Obama also said he’s willing to tap into the U.S. Strategic Petroleum Reserve “should the situation demand it” but declined to answer a question of what price would trigger a release.

Obama spoke as crude-oil futures declined on Friday but were holding above $100 amid ongoing strife in the Middle East and North Africa, and the biggest recorded earthquake in Japan’s history. Read Futures Movers.

Some Democratic lawmakers have urged Obama to open up the 727-million barrel SPR to calm supply fears and dampen rising prices.

Regular gasoline prices have risen to $3.52 a gallon as of March 7 from $3.10 a gallon on Jan. 31, according to the U.S. Energy Information Administration. Read gasoline price data from EIA.

Obama said there’s no shortage of oil right now and noted that the reserve was set up in case of a severe disruption in supply.

Obama also reiterated a call for Libya’s Col. Moammar Gadhafi to leave.

“It is in the U.S. interest and in the interest of the Libyan people that Gadhafi go,” Obama said. He said all options are on the table for Libya but that he’d have to weigh costs and benefits of military action against the North African country’s leader and his forces.

Obama also rejected recent criticism from Republicans that he’s blocking domestic oil production and said his administration is “responsibly” encouraging offshore exploration and production.

Robert
Schroeder

Robert Schroeder is the White House reporter for MarketWatch. Follow him on Twitter @mktwrobs.

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